PenOp drums support for new pension law

Chuks Udo Okonta

The Executive Secretary Pension Fund Operators Association of Nigeria (PenOp), Susan Oranye, has called on stakeholders in the pension industry to collaborate in order to achieve the benefits in the new pension law.

Oranye in a telephone interview told Inspen that the enormous benefits inscribed in the law can only be achieved when the different parties play their roles effectively.

She called on employers of labour to comply with the law and also intensify efforts on improving the wellbeing of their employees, stressing that only well motivated workforce can guaranty improved productivity.

She noted that the Contributory Pension Scheme (CPS) was introduced to eradicate the ugly sights where workers queue, cry and beg for their pension, stressing that the new scheme is transparent, fully funded, safe and should be embraced by very worker.   

 “This is a new dispensation, it is not like the old scheme where people line up, cry and beg for their money. The new scheme is really working and focused on workers. It is transparent, fully funded and safe. Hence, every worker should embrace it, as it provides decent living for retirees,” she said.

Susan noted that the National Pension Commission (PenCom) and pension operators are working hard to tackle the challenge on non remittance by some employers, stressing that PenCom has come up with the names of defaulters and it is following them up.

She said PenOp has also being having seminars, interactive sessions with employers to find out why they are not remitting contributions.

“We have being educating them on the need to understand that the fund is for their employees and that they should also consider the system as a corporate social responsibility which helps in boosting the morale of workers.

“When employers provide secured future for their employees through pension, they would be happy to give their best, which will raise the bottom-line of employers,” she said.